Julius Baer confirms client data stolen

Swiss wealth manager Julius Baer Group is busy contacting its customers after an employee stole private information on their Swiss offshore bank accounts, reports Bloomberg.

“We launched an internal investigation and we discovered a case of data abuse,” said Jan Vonder Muehll, in a phone interview with Bloomberg reporters.

Read: Don’t lose client data

The suspected thief has since been arrested and fired from the company’s Zurich office.

This is the third theft to hit Julius Baer in the past decade, says Financial Times. The first was in 2002 and the second occurred in 2009. Following the second breach, authorities suspected the bank was helping wealthy Germans dodge taxes.

Read:

Privacy matters: Wealthy clients want control

How to keep clients’ data safe

Online background checks are risky

How to avoid lawsuits (includes a list of 5 dangerous client types)

Questions for aging clients, for more on helping them choose Powers of Attourney

Protect clients from ID theft

Google fined record $22.5m in privacy case

Why good service can bite you, for more on serving client’s best interests

5 ways to enrich your practice